Portfolio Recovery

Portfolio Recovery

Just wondering if anyone has any suggestions on how to handle this company? They have been harrassing me for years about an old Sears account that was closed in 2000. I know I'm not obligated to pay them for something that old and I'm not sending them money to make them go away. The debt doesn't appear on any of my credit reports, it's too old for them to report but they still pull my credit reports every so often and get my updated info and then I get the letters in the mail, phone calls on my cell phone, phone calls at work. I ignore them and they go away for awhile and then I see they've pulled my credit report again and it starts again. I've been blocking all of their numbers from calling my cell phone (they have so many phone numbers they call from). I hang up on them when they call my work because I'm afraid of talking to them. I don't want to say anything that would restart the clock on the debt. Anyone have any luck making these people go away? I changed my phone number in 2010 because of them and it took them awhile but they have my new cell number now. I hate having them pulling my credit report too.

Re: Portfolio Recovery

These people are the bottom feeders of the JDB gene pool.

If it's a 12 year old debt, tell them to go pound sand.

/end rant

On a more serious note, you can respond to them by way of CMRRR and remind them of the SOL in your state and that if they continue contacting you, that you will be inclined to file a complaint with your local AG, the AG in their state and the FTC.

Someone may have a different opinion and probably will but I hate these mofo's.

Re: Portfolio Recovery

madmann26 wrote:

On a more serious note, you can respond to them by way of CMRRR and remind them of the SOL in your state and that if they continue contacting you, that you will be inclined to file a complaint with your local AG, the AG in their state and the FTC.

SOL does not stop them from trying to collect on a debt that is valid. They are more than welcome to try to collect on a debt for 50, 100, 1 million years as long as they want and that you are alive.

SOL just means they can not sue you and get a judgement against you.

IF it was me - I would offer to settle the amount for 5 or 10% just to stop the calls IF I knew it was valid.

If it wasn't valid, I would send them a cease and decit for all communications. They will be forced to stop contacting you and will either give up, or will sell the debt to someone else.

Again as long as it goes unsettled they can keep calling and sending letters for as long as you live.

Re: Portfolio Recovery

Basically I see 2 ways to deal with your situation with Portfolio and will explain below.

1. Settle the account. You could settle it for whatever you want. 10%, whatever. Just don't acknowledge it was actually yours and don't sign any agreements with them.

2. Send them a Cease and Desist letter. This will stop all contact with you. The debt will not be satisfied. They could sell it and another CA could start and you'd have to send them a letter then. They can't post to your CR if it's past the CRTP.

Those are your 2 choices. This type of debt is referred to as Zombie debt. It tends to come up from the ground every now and then.

Re: Portfolio Recovery

Maybe I will try a cease and desist letter. If it were Sears contacting me for the money, I would pay them but from what I've read online about Portfolio I would never settle with them or pay them a dime to make the phone calls stop. I can deal with the calls to my cell phone because I just block all the numbers they call from, it's the calls to my work that bother me and the fact that they continue to pull my credit report on this old debt.

Re: Portfolio Recovery

Randi1009 wrote:

Maybe I will try a cease and desist letter. If it were Sears contacting me for the money, I would pay them but from what I've read online about Portfolio I would never settle with them or pay them a dime to make the phone calls stop. I can deal with the calls to my cell phone because I just block all the numbers they call from, it's the calls to my work that bother me and the fact that they continue to pull my credit report on this old debt.

If it bothers you then offer to settle.

Offer a low ball amount then you won't have to worry about them giving it to someone esle who will start the whole chain all over again....Thats what i would do at least.

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IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more

FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.